Tom Hicks targets Liverpool takeover
Liverpool co-owner Tom Hicks is attempting to takeover the club to become its sole owner.
The Texan billionaire met with the English Premier League outfit’s chairman Martin Broughton earlier this week, and said that he was looking at the possibility of raising funds to refinance the £237.4m with the club’s largest creditor, Royal Bank of Scotland,
in a bid to avoid paying the penalty fee of £60m (which will be due if the debt has not been settled by October 6).
The discussions between the chairman and co-owner were said to be “blunt but constructive” by a source on the Anfield side’s set-up. Hicks and fellow co-owner George Gillett purchased the club in February 2007 in a deal which placed the Reds at £218.9m.
'Struggling to repay loan'
Gillett is said to be struggling to repay a loan of £75m, which was secured against his 50% share of the club two years ago, although he has said that he is not on the verge of defaulting on the sum.
British Airways chief Broughton was appointed chairman in April as a condition of RBS extending the club’s loan by six months while new owners were sought. He, along with fellow board members Christian Purslow and Ian Ayre, are said to be opposed to Hicks
buying out Gillett.
The American owners attempt to restructure the debt in June failed. The proposals were with RBS, and that would have led the club into increased debt and interest payments.
However, Broughton, Purslow and Ayre — who sit on the board with Hicks and Gillett — are said to believe that Hicks could succeed with a takeover if he approaches a different bank with his proposals, and according to the
BBC, they are seeking legal advice to block a buyout attempt on his part.
Hicks has not yet spoken to RBS to talk about any takeover, but a club source said that his plan may go ahead and “could not be ruled out”.
The Americans face losing control of the club to RBS, which has the right to take over the club itself, while it could also extend the loan or force through a sale to the highest bidder.
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